SBI cuts interest rate on home loans twice in two months

The State Bank of India (SBI) on Friday announced reduction in home loan interest rates by 10 basis points (bps) for salaried women who take a loan of above Rs 75 lakh, effective from June 15.

“Home loans above Rs 75 lakh will now be cheaper by 10 bps with effect from June 15. The revised interest rates will be 8.55 per cent per annum for salaried women borrowers. For others the rate of interest will be 8.60 per cent per annum,” SBI said here in a statement.

Currently, SBI home loan interest rates stand at 8.65 per cent.

This is the second reduction in interest rates in last two months. SBI had reduced its interest rates by 25 bps on April 9.

Rajnish Kumar, MD, National Banking, SBI said: “SBI has always been at the forefront in keeping the customers benefit first. This interest rate reduction will help home buyers come closer to their dream home.

“Taking a cue from the recent RBI reduction in risk weightage on home loans, SBI is passing on the benefit to its customers by reducing its interest rates on home loan above Rs 75 lakh.”